Fealty to the Realm

In the case where Fealty to the Realm is enchanting a creature but there is no monarch, the second ability will create a control-changing effect with the timestamp mentioned above, but that effect won't do anything until a player becomes the monarch.

There are two inherent triggered abilities associated with being the monarch. These triggered abilities have no source and are controlled by the player who was the monarch at the time the abilities triggered. The full texts of these abilities are "At the beginning of the monarch's end step, that player draws a card" and "Whenever a creature deals combat damage to the monarch, its controller becomes the monarch."

The game starts with no monarch. Once an effect makes one player the monarch, the game will have exactly one monarch from that point forward. As a player becomes the monarch, the current monarch (if any) ceases being the monarch.